Japanese Yen (JPY) Technical Major Currencies (2011-05-25)

By IBT Staff Reporter On 05/25/11 AT 2:58 AM

Morning Report

The daily closing stabilized above the SMA 50 with steady trading within the minor ascending channel shown above. We expect the pair to resume the intraday bullishness for today targeting 83.50. Breaching the ascending channel's support -currently at 81.40- will open the way towards the critical support between 80.75 and 80.20.

The trading range for today is among the major support at 80.25 and the major resistance at 83.50.

The short-term trend is to the downside as far as 89.35 remains intact with targets at 77.70.

Previous Report

Weekly Report

Support

81.75

81.45

80.75

80.20

79.80

Resistance

82.50

83.00

83.50

83.90

84.50

Recommendation

Based on the charts and explanations above our opinion is buying the pair around 81.75 targeting 83.50 and stop loss below 80.75 might be appropriate